termination

Termination

Cessation; conclusion; end in time or existence.

When used in connection with litigation, the term signifies the final determination of the action.

The termination or cancellation of a contract signifies the process whereby an end is put to whatever remains to be performed thereunder. It differs from Rescission, which refers to the restoration of the parties to the positions they occupied prior to the contract.

The termination of a lease refers to the severance of the Landlord and Tenant relationship before the leasehold term expires through the ordinary passage of time.

Termination for convenience allows the party seeking termination to dissolve the contract with immediate effect, without a judicial order, provided that the party compensates the other contracting party as per Article 707(1) or the terms set out in the contract.

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